Alphabet ($GOOGL) is seeking to raise as much as $25 billion through a multi-tranche U.S. investment-grade bond offering, according to people familiar with the matter, as the company continues funding its expanding AI infrastructure investments. The offering, which could include maturities ranging from two to 40 years, comes after Alphabet increased its 2026 capital spending outlook to as much as $205 billion and follows recent signs of softer investor demand for AI-related debt.
- The offering is expected to include up to 10 tranches with maturities from two to 40 years.
- Initial price talk for the 40-year notes is about 155 basis points above U.S. Treasuries.
- Alphabet has already raised more than $50 billion in debt during the first half of 2026 and also issued nearly $85 billion of equity earlier this year.
- The company's higher AI spending outlook contributed to its first quarter of negative free cash flow since its 2004 IPO.
- The deal follows recent AI-related bond offerings from Meta-backed and Amazon-linked issuers that saw softer investor demand.
Relevant Companies
- Alphabet ($GOOGL) – The bond proceeds are expected to support the company's expanding AI infrastructure and capital spending plans.
- Amazon ($AMZN) – Another major AI infrastructure spender whose recent debt offerings have been closely watched by bond investors.
- Meta Platforms ($META) – AI infrastructure financing has also accelerated through large recent debt issuances tied to data center expansion.
Editor’s Note: This is a developing story. This article may be updated as more details become available.
